DrStool Posted October 15, 2020 Report Posted October 15, 2020 Seems the dragon has lost its wings. The 5 day cycle projection of 3445 has been hit however, so beware of dip buyers.
DrStool Posted October 15, 2020 Author Report Posted October 15, 2020 Zooming in on the 30 minute bars, there's a 2-3 day cycle projection of 3410 still out there.
DrStool Posted October 15, 2020 Author Report Posted October 15, 2020 Then a wide angle look with the 2 hour bars - Click to view full size. A drop to 3410 would be a return to the top of the base from which the rally emerged. That's not yet bearish in the bigger picture. A ton of Fed cash hit the dealer accounts yesterday from the first and largest Fed's regular monthly MBS purchase settlements. I keep you informed on that in advance at Liquidity Trader.
DrStool Posted October 15, 2020 Author Report Posted October 15, 2020 Bottom line. I would not bet on big follow through on this selloff today. The dippers should show, as usual. They'll start nibbling around 10:30 if the usual patterns hold up. As for whether that's from around 3440 or 3410, pick em. I don't know. But if they blow out 3435, then I'd look for 3410.
DrStool Posted October 15, 2020 Author Report Posted October 15, 2020 Bastards wouldn't even wait until 10:30
DrStool Posted October 15, 2020 Author Report Posted October 15, 2020 I've been a BTFD madman this morning.
DrStool Posted October 15, 2020 Author Report Posted October 15, 2020 But I am short one horseshit REIT. They are all going bust. Probably more Merkans have retirement funds in REITS for income than any other investment class. They are gittin killed as always. Wall Street takes no prisoners.
DrStool Posted October 15, 2020 Author Report Posted October 15, 2020 Small profits. I'll take it. Midday churn time begins. I'll start looking at afternoon potential setups around 1:45.
DrStool Posted October 15, 2020 Author Report Posted October 15, 2020 Indicators on the buy side on hourly bars.
Jorma Posted October 15, 2020 Report Posted October 15, 2020 It's like watching a cartoon of a market.
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